Revoke Hike In Delhi Circle Rates: PHD Chamber | SupportBiz

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Revoke Hike In Delhi Circle Rates: PHD Chamber

In a statement issued here today, President of PHD Chamber Sharad Jaipuria contended that real estate market is under slump for quite sometime and the new Land Acquisition Act, enacted by the previous government has already made acquisition of land extremely cumbersome fall out of which has been extremely adverse on real estate.

New Delhi: PHD Chamber of Commerce and Industry has urged the Lt. Governor of Delhi to review the decision of the Delhi Government under him to revoke the steep hike of 20% in circle rates for city properties under categories from A to H.

On top of it, enhancement on circle rates in Delhi for city properties by 20 per cent would be totally unfair and cannot be justified under present circumstances in which the central government is totally focused to put in place friendly statutes and remove red-tapes on procedures, will send signals that might halt inbound investments and dampen investor interests in Real Estate Investment Trust (REIT).

The increased circle rates of Delhi if not withdrawn will have contagious impact as other States especially in the vicinity of Delhi would take a cue from it and make similar arrangements in their law books, putting huge burden on property buyers even at a time when real estate prices are beyond usual reach of salaried and working class, said Jaipuria.

The PHD Chamber suggested the Delhi Government that other states in the Indian federal structure are seeking uniform stamp duties on property so that price uniformity is brought about on sale of properties.

However, with the present announcement of raising circle rates without exhaustive public consultations is not likely to bring any good to the government other than impacting the real estate and housing sector which is already under dire straits as of now.